India: Sponge iron prices showed mixed trend today - 22 Nov

Indian sponge iron prices rose by INR 50-150/tonne (t) d-o-d across markets today, except in the Raigarh region, where prices decreased by INR 200/t.

The drop in sponge iron prices was driven by slow demand in a largely stable market, as purchasers were hesitant to buy material and preferred to wait for further market correction.

PDRI prices were assessed at around INR 24,100-26,400/t at close of trading, while CDRI prices stood at INR 26,550-31,500/t.

Only 6,950 t of sponge iron transactions were recorded in the country on Friday, compared to 24,350 t on 21 November.

Rationale -

Prices have been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.

Click for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative